Wednesday, October 5, 2005

NewCross Raises $5.2 million for Hosted IP Telephony Solution

NewCross Technologies, a start-up based in San Mateo, California, announced the completion of a $5.2 million series B round of equity financing to support its hosted IP telephony solution for service providers. Funding came from existing investors, which increased their equity stakes in the company. Columbia Ventures led the round that also included Consor Capital and Sterling Payot Capital.

The funds will be used for development, product launch, sales, and marketing. The company has also appointed Stanley P. Hanks Chairman and Chief Executive Officer. Hanks also serves as Chief Telecom Strategist for Columbia Ventures Corporation. Prior to joining CVC in 2003, Hanks had been a consultant to top tier venture capital organizations and their portfolio companies. A serial entrepreneur, Hanks has 25 years of experience as an executive in Internet and telecom startup efforts, including Enron Broadband, Genuity, and MFS Datanet.